New York City’s biggest landlord has topped off construction at 185 Broadway, a mixed-use tower in Lower Manhattan.
SL Green announced that the 209-unit rental community, the area’s first development to take shape under the state’s Affordable New York Housing Program, is on schedule and under budget.
The development milestone comes three weeks after SL Green officially opened the much-anticipated Midtown skyscraper One Vanderbilt, a 1.7 million-square-foot office tower just across from Grand Central Terminal that is the second-tallest building in New York City.
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Located in the heart of downtown Manhattan, 185 Broadway is directly across from the Fulton Transit Center and will include 26,000 square feet of commercial space and 17,000 square feet of flagship retail space. The building will have two separate entrance lobbies for the residential portion and the commercial spaces.
Designed by FX Collaborative, the residential component will house a mix of studio, one-, two- and three-bedroom units. Of the 209 apartments, 63 will be designated affordable. Building interiors, including amenity spaces, were designed by INC Architecture & Design. Resident amenities will include a co-working space, fitness center, club lounge, board room and several outdoor spaces.
SL Green COO Edward Piccinich said in prepared remarks that his firm has a long history of investing in the Lower Manhattan area and with 185 Broadway, the company has been able to now bring “essential” affordable housing to the area.
In 2018, the developer secured $225 million in construction financing from United Overseas Bank Ltd. and Helaba to build the property. The development was also made possible by SL Green’s purchase of unused air rights from the Metropolitan Transit Authority.
Last week, Falcon Pacific Builders announced the completion of an affordable community in the New York City borough of Queens. The 50-unit mixed-use building, located in the Astoria neighborhood, will have 20 percent of its units designated affordable.